All About Sports Betting
There are three different ways in which sports betting odds can be displayed. Despite all being presented differently, the above examples all translate to the same chance of winning (33.33%) – all will yield $2 of profit for every $1 wagered successfully. Jul 03, 2017 One of the greatest things about football and sports betting respectively is the fact that despite stats having good grounds for suggesting what the outcome of a match should be, no one can tell with certainty what the exact score or even the winner will be. Successful sports betting is ALL about trying to find positive expected value. If your goal is to make money though sports betting, then it’s absolutely vital to properly understand the concept of value. It really is that important.
ATLANTA (AP) — A bill that would legalize sports betting in Georgia and give tax revenue to the state lottery is in advancing in the state House, despite questions about whether a state constitutional amendment would be required to do so.
Sports Betting Is All About Timing
The House Economic Development and Tourism Committee voted 20-6 Tuesday to approve House Bill 86, sending it to the full House for more debate.
Sports Betting Lines
The measure would mandate that the Georgia Lottery Corp. give at least six licenses to companies that want to offer sports betting in Georgia. After the companies pay out bettors’ winnings, the state would tax the remaining proceeds at a 14% rate. Committee Chair Ron Stephens, a Savannah Republican, estimates that at even a 10% tax rate, that would bring in $42 million to increase funds available for HOPE college scholarships and state subsidies for prekindergarten classes and child care.
In addition, each operator would have to pay a $900,000-a-year license fee.
Atlanta’s four major league professional sports teams are seeking the bill. Stephens cited their “massive economic power,” saying teams that haven’t been able to fill stadiums.
“It’s for fan participation,” Stephens told the committee. “As I said earlier, the stands are empty. ... They believe that fan engagement is what sports betting is all about.”
Stephens, citing an American Gaming Association study, said millions of Georgians place billions of dollars of sports bets each year illegally.
“We can legitimize it, if you will, through the lottery,” Stephens said. “If you’re going to do it offshore, why don’t we collect the revenue here in Georgia?”
Stephens expressed confidence that lawmakers could authorize the Georgia Lottery Corporation to offer sports betting. Voters authorized the lottery by state constitutional amendment in 1992. Others, including some state government lawyers, have questioned whether that would be legal, suggesting another constitutional amendment would be needed. Any such measure would require the approval of two thirds of each house of the General Assembly, followed by majority approval of Georgia’s voters.
The bill proposes allowing people 21 and older to bet. It would not allow betting on college or high school sports, and would prohibit betting on certain events such as injuries.
Opponents, though, say state-sponsored gambling encourages addiction and other social harms. They also don’t want to open the door beyond Georgia’s already massive lottery, saying they’re trying to avoid legislative support for a constitutional amendment allowing casinos.
“They should think this is terrible because it’s going to accentuate everything that’s negative about predatory gambling,” said Mike Griffin of the Georgia Baptist Mission Board, which lobbies for the state’s largest Christian denomination.
Griffin said he’s particularly worried about provisions that would allow betting on electronic sports.
“All this is going to do is prime children to get ready to gamble one day,” Griffin said.
People can currently bet on sports in 21 states and the District of Columbia, with five more states having moved to legalize gambling but not yet taking bets. Not all of those states allow online betting, as is envisioned in the Georgia proposal, with some requiring gamblers to physically go to casinos, horse racing tracks or other places. Among Georgia’s neighboring states, Tennessee allows online betting, while North Carolina is moving toward allowing in-person betting at two Cherokee-operated casinos.
The committee voted without allowing testimony from interested parties and without considering amendments, although a number of members expressed interest in amendments. Stephens said he anticipated a House-Senate conference committee if the bill moves forward and would consider possible changes sought by members while negotiating with senators.
Stephens said state Sen. Jeff Mullis, a Chickamauga Republican, is expected to carry a bill in the Senate that would propose a 10% tax rate and could allow wagering on collegiate sports. That legislation has not yet been filed. Stephens had originally proposed a 16% tax rate before lowering his plan to 14%. However, he characterized a 10% tax rate as too low.
PHOENIX (AP) — Arizonans would be allowed to bet on professional and college sports at tribal casinos and at sites owned by pro sports teams under a proposal that is part of an update to the state’s deal that allows Native American tribes to run casinos.
The wide-ranging proposal introduced in the Arizona House on Monday would also allow bets to be placed online, fantasy sports wagering, and add limited Keno games at off-track betting locations and social clubs like the American Legion.
All About Sports Betting Book
The proposal introduced by Republican Rep. Jeff Weninger of Chandler has been anticipated since GOP Gov. Doug Ducey announced “an opportunity for a modernized gaming compact that will bring in more revenue for our tribal nations and our state budget,” in his State of the State address last month. Ducey has been working on a new deal with tribes for several years, hoping it can boost state revenue by allowing gambling outside of tribal-run casinos.
That’s just what the deal does, Weninger said Tuesday, although the anticipated revenue hasn’t been released.
“With that comes tax revenue without raising taxes, and allows us to keep our tax rates low,” Weninger said in an interview.
The biggest part of the plan would allow pro sports teams like the Phoenix Coyotes, Arizona Diamondbacks and Arizona Cardinals run sports betting operations at their respective venues, at a retail location within a quarter mile and online. There would be 10 licenses awarded to sports, which could include professional golf and even NASCAR, Weninger said.
Tribes would also get 10 licenses and could run sports books at two dozen tribal casinos in the state.
The tribes, which have fiercely protected their exclusive right to most gambling in the state under the gaming compact approved by the state’s voters in 2002, get the right to build some new casinos under an updated deal. And in a big win, they would also be allowed to greatly expand their exclusive gambling offerings, adding games like Baccarat and craps to existing offerings of slot machines, blackjack and poker.
And there are options for online gambling as well, allowing growing online gambling sites like Draft Kings to piggyback on the licenses.
Fantasy sports gambling also is embraced by Weninger’s proposal. The state would allow any company that meets it standards to run fantasy sports gambling operations.
Both the legislation and a 20-year extension of the state’s gaming compact with tribes must be adopted for either to go into effect.
Getchen Conger, Ducey’s deputy chief of staff, said the deal will help tribes and pro sport teams that have struggled during the coronavirus pandemic. And the plan is certain to boost state revenue, but it will take some time for the amount to become clear, especially revenue from gambling on sporting events.
“This is the million-dollar question,” Conger said. “It really depends on what the uptake is on the event wagering.”
The state gets a cut of the gambling profit, which will go to the general fund. Money from tribal gaming goes to special state accounts and local governments. In the fiscal year that ended on June 30, 2020, tribes brought in nearly $2 billion in gambling revenue and the state received $102 million, according to a Department of Gaming report, while cities received $13 million.